While tech giants pour billions into AI with unclear returns, Southeast Asia's largest bank is already cashing in. DBS Bank expects AI to generate over $768 million in revenue this year, up from $750 million in 2024, as CEO Tan Su Shan declares the technology is delivering results "now" - not someday. The success story emerges as MIT research shows 95% of major AI initiatives have failed to achieve real returns.
The AI bubble debate just got a major reality check from an unexpected corner of the financial world. While Microsoft, Google, and other tech giants face mounting pressure to justify their massive AI spending, DBS Bank is already seeing the money roll in.
"It's not hope. It's now. It's already happening. And it will get even better," DBS CEO Tan Su Shan told CNBC during Singapore Fintech Week. The Southeast Asian banking giant expects AI to drive more than 1 billion Singapore dollars (about $768 million) in revenue this year, up from SG$750 million in 2024.
The timing couldn't be more pointed. Just months after MIT released research showing 95% of 300 publicly disclosed AI initiatives - representing $30 to $40 billion in investments - had failed to achieve real returns, DBS is proving that strategic, long-term AI adoption can work.
What sets DBS apart isn't flashy generative AI demos or ChatGPT integrations. The bank has been methodically building its AI infrastructure for over a decade, laying the data analytics groundwork that now powers 370 AI use cases across more than 1,500 models throughout its business.
"The proliferation of generative AI has been transformative for us," Tan explained, describing a "snowballing effect" where each AI implementation makes the next one more powerful. The bank's institutional clients now get personalized financial services through AI-driven data collection and analysis, resulting in what Tan calls "faster and more resilient" teams and contributing to stronger deposit growth versus competitors.
DBS recently launched an enhanced AI assistant called "DBS Joy" for corporate clients, handling banking queries around the clock. But the real innovation lies in the bank's agentic AI systems - technology that makes autonomous decisions with minimal human oversight, going beyond simple chatbots to actually execute financial tasks.
The success isn't isolated to DBS. JPMorgan Chase CEO Jamie Dimon revealed last month that his bank is already breaking even on approximately $2 billion in annual AI investments. "Just the tip of the iceberg," Dimon told , suggesting banking may be where AI finally proves its worth.
